Denver-based MassRoots raises $250,000 to promote marijuana legalization in other states

MassRoots Inc. raised $250,000 last month to promote marijuana legalization in the nine states voting on new rules for the drug.

staff photo
Man smoking marijuana. (Rafael Castillo/Flickr)

Man smoking marijuana. (Rafael Castillo/Flickr)

MassRoots Inc. raised $250,000 last month to promote marijuana legalization in the nine states voting on new rules for the drug.

The Denver-based company would benefit from new dispensaries and cannabis customers in those states using its cannabis-centric social media network. MassRoots is looking to grow its annual revenue to upward of $15 million within the next 12 to 18 months.

“Over 30 percent of the United States population lives in a state with a cannabis initiative on the ballot next Tuesday, and we’re mobilizing our entire community to help these initiatives pass,” MassRoots CEO Isaac Dietrich said in a statement.

Dietrich said the company raised the money from shareholders and cannabis enthusiasts. Beneficiaries included the Marijuana Policy Project, Marijuana Majority, Students for a Sensible Drug Policy and the initiative groups in Arizona, California, Florida, Nevada, Maine and Massachusetts.

Business & data reporter Adrian D. Garcia can be reached via email at agarcia@denverite.com or twitter.com/adriandgarcia.

Subscribe to Denverite’s newsletter here.